A group of Universal Music Group NV shareholders affiliated with billionaire Bill Ackman’s hedge fund Pershing Square is set to raise about €1.3 billion ($1.4 billion) from the sale of about a 2.7% stake in the world’s largest music company.

Pershing Square CEO Bill Ackman confirmed on Thursday his firm had sold some of its shares in Universal Music Group (UMG). "We decided to sell a portion of our UMG position today," he wrote on X. "UMG was our largest position going into the day at more than around 27% of our capital.